THE CROSSROADS REPORT: POOR ACCESS TO GLOBAL TALENT BUT ITS NOT ALL BAD NEWS FOR STARTUPS

Although it’s becoming easier for startups to raise capital in Australia, high-growth companies are hamstrung by a shallow pool of global talent, warned Alex McCauley, CEO of StartupAUS and lead author of the 2017 Crossroads Report.

The report, a comprehensive review of the nation’s startup ecosystem, features a state-by-state brief on the progress of local startup ecosystem, an analysis of the effect of innovation-boosting measures in place, and milestones for Australian startups.

According to McCauley, Australia’s startup community has enjoyed a blockbuster year, with a number of key milestones including a record of $1.32 billion raised in venture capital, significant State Government investment (especially on the East Coast) in innovation precincts, strong growth in the number of accelerators, incubators and co-working spaces, and the attraction of high-profile events and investors.

Inadequate access to global talent

However, McCauley told Dynamic Business the fourth annual Crossroads Reports shows that inadequate access to global talent “is, right now, the single biggest bottle neck to growth of tech startups” and that it’s “impeding the international competitiveness” of the local sector. He cited the Federal Government’s recent visa changes (including the abolishment of the 457 scheme) as a key contributing factor, adding that the report advocates for the expansion of the skilled worker visa to include digital skills and reflect startup needs. Read more